Now Beijing's argument against democracy is that it will kill prosperity.

The Hong Kong government's latest attempt to weasel out of its promises to deliver meaningful electoral reform prompts further meditation on the relationship between democracy and prosperity.

At issue is the debate over how Hong Kongers will select their leaders. Currently, the chief executive is chosen by a committee of 1,200 worthies, most of them with ties to Beijing or mainland interests. Half of the legislature is directly elected, albeit via a complex party-list system designed to favor pro-Beijing parties, while the...